Precious Shipping has sunk to a bigger loss in the third quarter in tough dry cargo markets.
The bulk carrier owner reported a net loss of THB 859.7m ($24.6m), against THB 175.5m a year earlier.
Precious also posted revenue of THB 934.5m, down from THB 1.24bn in the corresponding quarter of 2015.
Total expenses rose from THB 1.28bn to THB 1.6bn partly due to losses from vessel sales and impairment charges.
Precious has been on a selling spree this year, having offloaded more than a dozen of ships since the beginning of 2016.
It has cancelled a series of newbuildings at China’s Sainty Marine and legal arbitration proceedings are currently ongoing.
